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Live Blog: Coverage of Day One of the 15th BRICS Summit

by Luqmaan Rawat
written by Luqmaan Rawat
The 15th BRICS Summit is set to take place at the Sandton Convention Centre, Johannesburg Photo Twitter/@salaamedia

Welcome to our special coverage of the 15th BRICS Summit. Heads of Brazil, China, India, South Africa and Russia’s Foreign Minister Sergey Lavrov will gather from Tuesday to Thursday (August 22 to 24) in Johannesburg this week for the two-day 15th BRICS Summit themed “BRICS and Africa”. The Summit officially kicks off at the Sandton Convention Centre at 2pm this afternoon. Stay tuned as we bring you the latest updates directly from the venue.

With that, Minister Patel announces the end of Day 1 proceedings.

 

Update: 

 

Update: There are many emerging markets and Wentao wants to avoid a situation that could lead to another cold war. In order to avoid this, dialogue needs to take place, not confrontation and everyone moves together.

 

Update:

 

Update [18:21]: Modi: In the last ten years, the BRICS Business Council has played a vital role in enhancing our economic cooperation. In 2009, when the first BRICS Summit was held, the world was just coming out of a massive financial crisis. At that time BRICS emerged as a ray of hope for the global economy. In the present times also, amongst the Covid pandemic, tension and disputes, the world is dealing with economic challenges. In such times, once again, the role of BRICS is important. Despite volatility in the world economy, India is the world’s fastest growing economy. Very soon, India will become a $5 trillion economy.”

 

Update: 

 

Update [18:17]: Putin: I have repeatedly said our country has the capacity to replace the Ukrainian grain both commercially and as free aid to needy countries. Especially since our harvest is expected to be perfect this year. We have graciously decided to provide six African countries between 25 to 50 tons of grain each with free delivery.

 

Update [18:14]: Putin: Russia is being deliberately obstructed in the supply of grain and fertilisers abroad and at the same time we are hypocritically blamed for the current crisis in the world market.

 

Update [18:10]: Putin: We are consistently increasing supplies of fuel, agricultural products, fertilisers to countries of the global south and making a significant contribution to strengthening global food and energy security. All these issues in particular were discussed in-depth at the Russia-Africa Summit.

 

Update [18:06]: Putin: Our five countries are ahead of the G7 in terms of purchasing power parity with 35% against 30% forecast for 2023. This summit is to discuss the detailed, the entire range of issues to the transition to national currencies for trade between our five nations. The new BRICS Bank, which has already become a credible alternative to existing Western development institutions, has a great role to play in this effort.

 

Update [18:04]: A recording of Russian President Vladimir Putin’s message is now being played. He addresses the sanction that have been played on his country and believes it only harms the poorest of countries.

“International economic situation is also seriously affected by the illegitimate sanction practice and illegal freezing of assets of sovereign state which essentially amounts to tramping all the basic norms and rules of free trade.”

Update: 


Update [17:58]: Da Silva says that while Africa produces the least amount of greenhouse gasses, it suffers the most from it. Brazil and African countries have plans in place to save their rainforests and stop the desertification that is happening

 

Update [17:54]: Da Silva: It is unacceptable that Brazil’s trade with Africa has dropped by 1/3 when compared to 2013 when it was almost $13 billion. Our trade agreement/partnership is still in its infancy. There is plenty of room to grow.

 

Update [17:50]: Da Silva: At the multilateral level, BRICS stood out for being a force that works in favour of a fairer, more predictable, equitable global trade. We cannot accept colonialism that imposes trade barriers in discriminatory measures under the guise of protecting the environment.

 

Update [17:48]: Da Silva says they hope to mobilise $340 billion to modernise their logistic infrastructure like airports, railways and roads as well as green hydrogen energy.

 

Update [17:45]: President of the Federative Republic of Brazil, Lula da Silva, is now addressing delegates of the BRICS Business Forum. According to the Brazilian President, BRICS member states have surpassed the G7 countries in terms of economic growth.

 

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Update [17:34]: Ramaphosa reiterates that women-owned businesses should be invested in. Women were held back due to Apartheid and colonialism. Every effort should be made for women to fully participate and harness the benefits of the Free Trade Area. “We need to free them so they can be businesspeople and grow our economies”.

 

Update: Ramaphosa: Africa is a continent of great opportunity in a variety of sectors. It is rich in the critical minerals that will drive business success in the 21st century

 

Update: Ramaphosa: The changes in BRICS economies over the past decades have done much to transform the shape of the global economy. Total annual FDI into BRICS countries is four times greater than it was 20 years ago.

 

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Update: Tshabalala: There were strong views for and against a BRICS currency. It’s important to be realistic.

 

Update: Standard Bank Group CEO Sim Tshabalala is presenting the business forum’s outcomes following their meetings held from this morning. He speaks on the inequality within BRICS nations. Although there are challenges, there are positives too.

 

Update [15:57]: Motsepe says there is a need for better visa regimes on the continent, especially for businesses. BRICS countries have done extremely well in this regard.

 

Update [15:55]: Despite all the challenges that exist in investing, Motsepe believes Africa is the most exciting and attractive place invest and do business in but “we got to accelerate the implementation, the advancement of the African Continental Free Trade Area”. The spirit and will exists but there need to be a sense of urgency.  Furthermore, “South African companies are the largest traders on the continent”. Credit needs to be given to them but governments “need to increase their partnership with the private sector”. It is only through this partnership that government can learn what blockades the private sector faces and how to remove them.

 

Update [15:50]: “It has always been Africa’s time,” says Motsepe. The key issue is we have to consistently prove ourselves and prove that the standard of living has been increasing.

 

Update [15:43]: Motsepe believes that over the past ten years, there has been a huge amount of progress. Africa has to position itself as a continent that has goods and services that the other BRICS countries need and want. As Africa we have to focus on the positive. “You don’t build an economy, a continent by focusing excessively on the failures, efficiencies and weaknesses”. The bottom line is this, “the future of African businesses, the African continent, depends on its capacity and ability to prove to the rest of the world that we conduct relationships, partnerships, conduct businesses and have trade relationships that are mutually beneficial”.

 

Update [15:40]: Dr Patrice Motsepe, Inaugural Chairperson of the BRICS Business Council SA Chapter is now in discussion with Bronwyn Nielsen, CEO of the Nielsen Network.

 

Update [13:45]: According to SABC, Prime Minister of India, Narendra Modi, has touched down at Waterkloof Air Force Base. He is being welcomed by Deputy President Paul Mashatile.


Update [13:37]: Jinping: We will work to deepen cooperation between our two countries in electric power, new energy and scientific and technological innovation amongst others.

 

Update [13:35]: Jinping says China and South Africa will continue to support each other on core and important issues and will continue to grow the 25-year relations between the two countries. China will also support South Africa in playing a strategic role on international stages and are ready to import more “quality products” from South Africa while also encouraging Chinese enterprises to invest and do business in South Africa.

 

Update [13:30]: Xi Jinping is now giving his address

“China-South Africa relations enjoy new development opportunities. Just now, President Ramaphosa and I, had a productive meeting and talks. We exchanged views on the development of bilateral relations in the new era and international and regional issues of common concern. We reached important common understandings.”

 

Update [13:26]: Electricity Minister Kgosientsho Ramokgopa and his Chinese equivalent sign agreements for the “donation of emergency [electricity] equipment” to South Africa. Furthermore, they have signed an agreement to work together on green energy development.

Ramaphosa has spoken to Chinese President Xi Jinping on the matter of Ukraine, trade cooperation, infrastructure development, tourism and digital technology and have reaffirmed their political relations.

 

Update [13:24]: President Cyril Ramaphosa: We are also very delighted that China has agreed to reopen the export of beef to China. This is going to give a huge boost to our agricultural sector.

 

Update [13:15]: There are 11 memorandums of understanding and agreements that will now being signed. Up first is International Relations and Co-operation Minister, Naledi Pando and her Chinese counterpart. Followed by Higher Education and Training Minister Blade Nzimande signing two agreements with China.  Agriculture Minister Thoko Didiza and her China counterpart are also signing an MoU on the export of avocado. Trade, Industry and Competition Minister, Ebrahim Patel is set to sign five memorandums.

Update:

 

Update [12:35]: Speaking at the panel discussion on BRICS entrepreneurial opportunities and market access for Small, Medium and Micro Enterprises (SMMEs), Bassim Haidar, Chairman and CEO of BH Holdings Group, explains why there needs to be a BRICS currency and the importance of it.

“When you operate across the emerging markets and BRICS countries, you realise interest rates in some of these countries is in excess of 25%. You want to conduct business in the country, and you want to borrow finance to grow, banks are looking at it very differently today. Banks will borrow you in dollars, but you are earning in naira, for example. The rate this year started at 450, it is now 940 today. So, it’s not just about interest rates. You have to worry about how you going to pay back those dollars or pounds or euros if the currency is halved in value. This is the biggest crisis we are facing. In the absence of a single currency that we can trade with, access to capital is going to get worse and worse … There has to be [a BRICS currency]. If the BRICS nations want to grow, they going to have to have their own, single currency.”

 

Update [09:50]: According to Busi Mabuza, Chairperson of the BRICS Council SA Chapter and Industrial Development Corporation of South Africa, since the introduction of South Africa, BRICS global trade has increased substantially.

“In 2000, I was looking at the statistics, the BRIC nations, excluding South Africa because we joined in 2010 and attended our first Summit in 2011. In 2000, BRIC accounted for 7% of global trade. BRICS accounts for, going on, to 30% of global trade. Intra-BRICS trade has grown, in the past ten years, at an annual rate of 7%. These are very compelling numbers.”

 

Update [09:42]: ANC officials will meet with the Brazilian President, Luiz Inacio Lula da Silva, on the sidelines. In a statement released by the ANC, the meeting will focus “on existing political ties between the ANC and Brazil’s governing Workers Party, as well as other issues of mutual interest”.

 

Update:

 

Update: Patel: We live in an age where the power of technology has been trained on the world’s problems. Hundreds of millions have been lifted out of poverty through industrialisation backed by trade.

 

Update:

Update: Minister of Trade and Industry, Ebrahim Patel, kicks off the Summit by addressing the BRICS Business Forum

Russian President, Vladimir Putin, who faces an ICC arrest warrant, will be represented by Lavrov but will take part in some meetings via video.  Brazilian President Luiz Inacio Lula da Silva, Chief Dr Joseph Dion Ngute, Prime Minister of the Republic of Cameroon and Lavrov landed at OR Tambo International Airport during the course of yesterday. Chinese President Xi Jinping arrived today. A total of 69 countries have been invited to the BRICS Summit and expectations are high that all 54 African heads of state will attend the meeting.

 

 


Iranian President Raisi will travel to South Africa on Wednesday to participate in the Summit. Iran is one of the 23 countries that have formally applied to become new BRICS members, including Saudi Arabia, United Arab Emirates, Argentina, Indonesia, Egypt and Ethiopia.

Luqmaan Rawat is a DUT graduate who has a passion for writing, life, gaming and sports. Fascinated by the world, he sets out to write about world events in a hope to bring about some change.

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